Gates Industrial (NYSE:GTES) Given New $21.00 Price Target at KeyCorp

Gates Industrial (NYSE:GTES - Free Report) had its target price lowered by KeyCorp from $27.00 to $21.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

GTES has been the subject of several other reports. The Goldman Sachs Group cut their price objective on shares of Gates Industrial from $26.00 to $23.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Citigroup cut their price target on shares of Gates Industrial from $27.00 to $24.00 and set a "buy" rating for the company in a report on Monday, January 13th. Barclays lowered their price objective on Gates Industrial from $26.00 to $25.00 and set an "overweight" rating for the company in a research report on Wednesday, March 26th. Royal Bank of Canada raised their target price on Gates Industrial from $25.00 to $27.00 and gave the stock an "outperform" rating in a research note on Friday, February 7th. Finally, Evercore ISI upped their price target on Gates Industrial from $22.00 to $23.00 and gave the company an "in-line" rating in a research note on Wednesday, February 19th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $23.00.

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Gates Industrial Price Performance

Shares of Gates Industrial stock traded up $0.20 during trading hours on Tuesday, reaching $17.38. 2,652,950 shares of the company's stock were exchanged, compared to its average volume of 2,976,423. The business has a fifty day moving average of $19.98 and a two-hundred day moving average of $20.12. The company has a quick ratio of 2.26, a current ratio of 3.20 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $4.44 billion, a P/E ratio of 23.80 and a beta of 1.24. Gates Industrial has a 1 year low of $14.70 and a 1 year high of $23.85.

Gates Industrial (NYSE:GTES - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Gates Industrial had a return on equity of 9.75% and a net margin of 5.72%. As a group, research analysts predict that Gates Industrial will post 1.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Fredrik J. Eliasson acquired 60,000 shares of Gates Industrial stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $19.56 per share, for a total transaction of $1,173,600.00. Following the completion of the purchase, the director now owns 188,452 shares in the company, valued at approximately $3,686,121.12. The trade was a 46.71 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC increased its stake in shares of Gates Industrial by 48.9% during the fourth quarter. FMR LLC now owns 19,442,436 shares of the company's stock worth $399,931,000 after buying an additional 6,383,165 shares during the period. State Street Corp grew its holdings in Gates Industrial by 112.9% during the 3rd quarter. State Street Corp now owns 6,523,366 shares of the company's stock worth $114,485,000 after acquiring an additional 3,459,450 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Gates Industrial by 1,185.0% in the 4th quarter. JPMorgan Chase & Co. now owns 3,363,499 shares of the company's stock valued at $69,187,000 after purchasing an additional 3,101,738 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Gates Industrial by 540.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,609,471 shares of the company's stock valued at $74,247,000 after purchasing an additional 3,046,064 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Gates Industrial in the 4th quarter valued at $56,520,000. 98.50% of the stock is owned by institutional investors and hedge funds.

About Gates Industrial

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.